Energy expert: Russia invading Ukraine could cause gas & oil prices to go ‘up, up and away’

BOSTON — As tensions continue to mount at the Ukrainian-Russian border, energy experts warn of an invasion that could increase the price of oil and natural gas.

“The price of oil goes up, up and away, as well as the price of natural gas,” Dan Eberhart, CEO of drilling services company Canary, told FOX Business when asked what would happen if Russia invades Ukraine. “A lot of people aren’t focused on that, but this is a big natural gas story too. Europe gets a big portion of its natural gas from Russia, and we’ll be looking for that to go up as well.”

According to AAA, the average price of a gallon of gas in Massachusetts is $3.55.

That’s a couple of cents over the national average of $3.53 and nearly a dollar more than the price of a gallon of gas a year ago.

An invasion could also impact crude oil.

A gallon of heating oil in Massachusetts costs an average of $3.95 right now – that’s up to $1.25 from last year.

Russia is the world’s third-largest producer of petroleum and the second-largest producer of dry natural gas.

In the event of an invasion, many countries (like the United States) would impose sanctions on Russia, and a limited supply of oil and gas would get squeezed further, leading to price increases.

This is a developing story. Check back for updates as more information becomes available.

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